Whirlpool Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Whirlpool Corp. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance and operational segments.</b>

AI Summary

WHIRLPOOL CORP /DE/ (WHR-PA) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. Whirlpool Corp. filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers financial information for the period from January 1, 2024, to March 31, 2024. Key financial data points and segment information are included in the report. The company is incorporated in Delaware (DE) and operates in the Household Appliances sector (SIC 3630). The report was filed on April 25, 2024.

Why It Matters

For investors and stakeholders tracking WHIRLPOOL CORP /DE/, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial data, enabling them to assess Whirlpool's performance and make informed investment decisions. Understanding the segment-specific data and overall financial health presented in this report is crucial for evaluating the company's current market position and future prospects in the household appliance industry.

Risk Assessment

Risk Level: medium — WHIRLPOOL CORP /DE/ shows moderate risk based on this filing. The company operates in the highly competitive household appliance industry, which is subject to economic fluctuations and changing consumer preferences, as indicated by the various product segments and regional operations detailed in the filing.

Analyst Insight

Investors should review the detailed financial statements and segment performance within the 10-Q to understand Whirlpool's revenue streams and profitability drivers.

Key Numbers

• 2024-03-31 — Report Date (Period of report)
• 2024-01-01 — Period Start Date (Quarterly period)
• 2023-03-31 — Prior Period Date (Comparative period)
• 12/31 — Fiscal Year End (Company fiscal year end)

Key Players & Entities

• WHIRLPOOL CORP /DE/ (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-04-25 (date) — Filed as of date
• DE (jurisdiction) — State of incorporation
• 3630 (industry_code) — Standard Industrial Classification
• BENTON HARBOR (location) — Business address city
• MI (location) — Business address state
• 2699235000 (phone_number) — Business phone

FAQ

Risk Factors

• Market Competition [medium — market]: The company faces intense competition in the household appliance market, which can impact pricing and market share.
• Economic Conditions [medium — financial]: Global and regional economic conditions, including inflation and consumer spending, significantly affect demand for durable goods like appliances.
• Supply Chain Disruptions [medium — operational]: The company is subject to risks associated with supply chain disruptions, including raw material availability and logistics challenges.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-04-25: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Key Financial Figures

• $1.00 — ich registered Common stock, par value $1.00 per share WHR Chicago Stock Exchange an

Filing Documents

• whr-20240331.htm (10-Q) — 1403KB
• projecte-cadeedofamendment.htm (EX-2.1) — 350KB
• exb311-03312024.htm (EX-31.1) — 10KB
• exb312-03312024.htm (EX-31.2) — 10KB
• exb321-03312024.htm (EX-32.1) — 7KB
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• 0000106640-24-000100.txt (&nbsp;) — 10534KB
• whr-20240331.xsd (EX-101.SCH) — 60KB
• whr-20240331_cal.xml (EX-101.CAL) — 107KB
• whr-20240331_def.xml (EX-101.DEF) — 363KB
• whr-20240331_lab.xml (EX-101.LAB) — 671KB
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Financial Statements

Item 1. Financial Statements Consolidated Condensed Statements of Comprehensive Income (Loss) 5 Consolidated Condensed Balance Sheets 6 Consolidated Condensed Statements of Cash Flows 7 Notes to the Consolidated Condensed Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 43

Controls and Procedures

Item 4. Controls and Procedures 44 PART II

Legal Proceedings

Item 1. Legal Proceedings 45

Risk Factors

Item 1A. Risk Factors 45

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 45

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 45

Other Information

Item 5. Other Information 45

Exhibit s

Item 6. Exhibit s 46

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by us or on our behalf. Certain statements contained in this quarterly report, including those within the forward-looking perspective section within the Management's Discussion and Analysis section, and other written and oral statements made from time to time by us or on our behalf do not relate strictly to historical or current facts and may contain forward-looking statements that reflect our current views with respect to future events and financial performance. As such, they are considered "forward-looking statements" which provide current expectations or forecasts of future events. Such statements can be identified by the use of terminology such as "may," "could," "will," "should," "possible," "plan," "predict," "forecast," "potential," "anticipate," "estimate," "expect," "project," "intend," "believe," "may impact," "on track," "guarantee," "seek," and the negative of these words and words and terms of similar substance. Our forward-looking statements generally relate to our growth strategies, financial results, product development, and sales efforts. These forward-looking statements should be considered with the understanding that such statements involve a variety of risks and uncertainties, known and unknown, and may be affected by inaccurate assumptions. Consequently, no forward-looking statement can be guaranteed and actual results may vary materially. This document contains forward-looking statements about Whirlpool Corporation and its consolidated subsidiaries ("Whirlpool") that speak only as of this date. Whirlpool disclaims any obligation to update these statements. Forward-looking statements in this document may include, but are not limited to, statements regarding future financial results, long-term value creation goals, restructuring expectations, productivity, raw material prices and related costs, supply chain,

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS TABLE OF CONTENTS PAGE

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Consolidated Condensed Statements of Comprehensive Income (Loss) 5 Consolidated Condensed Balance Sheets 6 Consolidated Condensed Statements of Cash Flows 7 PAGE NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (UNAUDITED) 1. Basis of Presentation 8 2. Revenue Recognition 11 3. Inventories 12 4. Property, Plant and Equipment 12 5. Financing Arrangements 12 6. Commitments and Contingencies 15 7. Pension and Other Postretirement Benefit Plans 18 8. Hedges and Derivative Financial Instruments 18 9. Fair Value Measurements 21 10. Stockholders' Equity 26 11. Restructuring Charges 24 12. Income Taxes 25 13. Segment Information 26 14. Acquisitions and Divestitures 34 4 WHIRLPOOL CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) FOR THE PERIODS ENDED MARCH 31 (Millions of dollars, except per share data) Three Months Ended 2024 2023 Net sales $ 4,490 $ 4,649 Expenses Cost of products sold 3,848 3,886 Gross margin 642 763 Selling, general and administrative 477 487 Intangible amortization 11 11 Restructuring costs 23 — Loss (gain) on sale and disposal of businesses 247 222 Operating (loss) profit ( 116 ) 43 Other (income) expense Interest and sundry (income) expense ( 29 ) 77 Interest expense 90 75 Earnings (loss) before income taxes ( 177 ) ( 109 ) Income tax expense (benefit) 76 68 Equity method investment income (loss), net of tax — 1 Net earnings (loss) ( 253 ) ( 176 ) Less: Net earnings (loss) available to noncontrolling interests 6 3 Net earnings (loss) available to Whirlpool $ ( 259 ) $ ( 179 ) Per share of common stock Basic net earnings (loss) available to Whirlpool $ ( 4.72 ) $ ( 3.27 ) Diluted net earnings (loss) available to Whirlpool $ ( 4.72 ) $ ( 3.27 ) Dividends declared $ 1.75 $ 1.75 Weighted-average shares outstanding (in millions) Basic 54.9 54.8 Diluted 54.9 54.8 Comprehensive

View Full Filing

View this 10-Q filing on SEC EDGAR